(AAA) – The statewide gas price average in Texas is $2.29 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch.
That price is five cents less than on this day last week and is 38 cents less per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $2.51 while drivers in Denison and Sherman are paying the least at $2.16 per gallon.
The national average price for a gallon of regular unleaded is $2.64, which is two cents less compared to this day last week and 27 cents less than the price per gallon at this same time last year.
Gas prices are now following normal fall trends, which is bringing sizable year-over-year savings for many Texas motorists. Currently, gasoline demand is pushing lower amid stable, but healthy gasoline stock levels which are ultimately keeping prices cheaper week-to-week.
While the El Paso area carries the highest average in the state this week, it also saw the largest weekly drop, by 11 cents. Brownsville-Harlingen, Dallas/Fort Worth Metroplex, McAllen and Sherman-Denison areas also had sizable drops on the week, with each area down eight cents per gallon.
“Fall is here, and demand for retail gasoline is dropping and with it concerns of higher gas prices seen in September are quickly fading,” said Daniel Armbruster, AAA Texas spokesperson. “Prices in Texas are now down by 38 cents per gallon, on average, compared to this time last year. The average gas price in Texas is still two cents more than one month ago, but market analysts anticipate prices will continue falling in the weeks to come.”
In its latest weekly report, the Energy Information Administration’s data revealed that total domestic crude inventories in the U.S. grew by 3.1 million barrels. At 422.6 million barrels, crude stocks are 18.7 million barrels higher than where they were at this time last year.